Haranga Resources Limited announced that it has entered into interest free, convertible loan agreement for the private placement of AUD 500,000 from First Growth Funds Limited on June 3, 2021. The loan is repayable within 12 months, subject to company completing an Initial Public Offer and being re-admitted to the official list of the ASX by June 3, 2022. The loan will convert to fully paid ordinary shares using the IPO price as the conversion price.

Upon conversion the company will also be entitled to one free option for every two shares acquired. The options will have an exercise price of AUD 0.30 and expire three years after the date company is admitted to the ASX. If company is not admitted to the ASX list by the End Date the loan is to be repaid within two business days.